This office lease clause provides the tenant with a right of first refusal if additional space becomes available within the building.
Pennsylvania Expansion Option Clause
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FAQ
Under the right to a safe and habitable home, a landlord cannot force a tenant to move into a home or unit ?as-is? and cannot demand that the tenant be responsible for repairs. To be safe, and habitable, a unit or home should have: Working smoke alarms. Working hot water.
The expansion clause in commercial leases is a negotiable agreement between the landlord and tenant that permits the tenant an equitable right to expand within the building or property they are being leased.
The option to expand is an expansion clause that allows the tenant to reserve a space for future use, at no additional cost, within a defined time period. If the tenant fails to make use of the space in that time period, the landlord has the right to market and lease the space to a third party.
In terms of commercial real estate, expansion options provide tenants with the choice to add more space to their rented premises. Typically, this would apply to an office space or retail location where the tenants seek to expand into an adjoining space.
EXPANSION REAL ESTATE means and refer to the Additional Real Estate and any other real estate that is adjoining or adjacent to the Additional Real Estate or the Original Real Estate or to any street right-of-way adjoining or adjacent to the Additional Real Estate or the Original Real Estate.
Option to expand is the option to make an investment or undertake a project in the future to expand the business operations (a fast food chain considers opening new restaurants). Option to abandon is the option to cease a project or an asset to realize its salvage value (a manufacturer can opt to sell old equipment).
Legal Developers Under Pennsylvania law, a real estate lease is subject to a transfer tax if the lease is for a term of thirty or more years. It is reasoned that long-term leases are analogous to transferring title to real estate and therefore, a transfer tax should apply.
What Are Expansion Clauses? An expansion clause is something that can be negotiated into a commercial real estate lease that allows the tenant guaranteed or preferential rights to expand within the building or portfolio from which they are leasing.